The Future of US Carbon-Pricing Policy

Robert N. Stavins

Chapter 11 in Economics of Environment, Climate Change, and Wine:Selected Papers of Robert N Stavins, Volume 3 (2011–2023), 2025, pp 299-365 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In this chapter, I will compare the two major approaches to carbon pricing — carbon taxes and cap-and-trade — in the context of a possible future US climate policy, and to do so by treating both instruments in a balanced manner, examining their merits and challenges, without necessarily favoring one or the other. I try to follow the principle that when making normative comparisons of policy instruments, it is most valuable to compare either idealized versions of two instruments or realistic (likely to be implemented) versions of both, thereby avoiding a comparison of an idealized version of one instrument with a less-than-ideal but realistic version of another (Hahn and Stavins, 1992)…

Keywords: Climate Change Economics; Climate Change Policy; Wine Economics; Environmental Economics; Energy Economics; Natural Resource Economics; Energy-Efficiency Gap; Climate Negotiators; Carbon Pricing; Carbon Pricing Policy; Greenhouse; SO2 Allowance Trading System; Clean Air Act; Intergovernmental Panel on Climate Change; Durban Climate Talks; The Paris Agreement; Terroir (search for similar items in EconPapers)
JEL-codes: Q5 Q54 Q56 Q58 (search for similar items in EconPapers)
Date: 2025
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